if a person borrows rs 10,000 from other person.How much should that person repay along with the interest?
Batman007:
what is intrest
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To pay Interest on the amount there should be an mutual agreement on the rate of interest and receiver must specify the time period
lets consider the interest rate to be 1.5% per annum
for how much time
for a year
then Simple Int = PRT. 10000×1.5/100×1. =₹ 150
along with principal its 10150
should i need to pay the interest amount monthly
it depends upon what is decided btw you and other Party. Usually Interest is paid monthly
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